1. Who Said What
- Europe asks if Greece could default without exiting EUR, what happens if Greece misses payments? – WSJ
- Greece Varoufakis – Won’t present new reform proposals at EuroGroup – Bild.
- Draghi seeks to keep ECB above Greek fray – Financial Times.
- BoJ Gov Kuroda – REER comment last wasn’t allusion to nominal FX levels/JPY outlook, never said I don’t want JPY to weaken, pros-cons to JPY weakness, FX stability reflecting fundamentals desirable, IOER hike option in QQE exit.
- China trying a policy twist to cut borrowing costs – Reuters.
- RBA June meeting minutes – Policy should be accommodative now, further AUD
fall both likely and necessary, growth to remain below trend, inflation well
contained, recent China data more positive.
2. Asia Equity & FX roundup
Nikkei -0.40%, Hang Seng -0.50%, China -1%, ASX +0.13% with European and US futures pointing to a lower open. Strategic names bought UsdChf – positioning ahead of SNB meeting this Thursday? Dull Asian session in FX, with only some upside in the GBP. It's not like you weren't warned: we've been talking about a stronger GBP for 2 weeks now.
Gbp screener - FXCM Marketscope
3. Data on Tap (CET time)
Good Luck today, and see you in the Trading Room!
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